Sub-K IMPACT Solutions Ltd - The Best Digital Disruptor in Financial Inclusion to Watch Out – 2024
Sub-K's exceptional model not only facilitates efficient financial transactions but also uplifts communities by delivering meaningful financial services.
- Shine some light on the company profile and its key offerings.
Sub-K IMPACT Solutions Ltd. stands at the forefront of digital financial intermediaries, embodying a transformative vision to bring about financial inclusion and empowerment in underserved communities. Established in 2010, Sub-K is a fintech powerhouse that has strategically woven together cutting-edge technology, a far-reaching retail distribution network, and a deep commitment to local entrepreneurship. Sub-K's exceptional model not only facilitates efficient financial transactions but also uplifts communities by delivering meaningful financial services. Sub-K along with its promoter BASCIS has been serving the PAN India region for more than two and half decades. With the long vintage in the business, Sub-K has the expertise of understanding the local dynamics, customer requirements and regional variations.
You had an amazing journey over the years. What inspired you to incorporate/join this company?
I have been part of Sub-K for 10 plus years now. The open culture, employee wellbeing, customer centricity, questioning the status quo and disrupting the business model are a few things which have inspired me to join the company.
- What is the greatest obstacle you face to achieving success in your endeavors? How do you overcome it?
The change of macro-economic and the regulatory changes have been difficult obstacles to deal with. It is not easy to plan mitigation for these events. But at Sub-K, the depth of the understanding of the business model, employee’s dedication, readiness to adopt to new initiatives have been backbone for overcoming these challenges.
- What are the factors that make your firm stand out in the domain? Share a bit about your unique strategies to promote your brand.
We work in an industry where the customer segment is not very well educated and is highly regulated. For any innovation to succeed a lot of change management effort is required not only with the customer but also with the staff. We have been focused on providing the required training for the staff along with educating the customers about the benefit of the innovation. Also, all the innovations are based around customer satisfaction and convenience. In every initiative which is planned the customer is kept at the center. This has been an integral part of our strategy.
- What are important new technologies being introduced in your industry?
Digitalization is the new normal. Sub-K is one of the pioneers of innovation in the Micro Finance industry. We envisioned a digital platform, aptly named SARTHI (Seamless, Accessible, Resourceful, Tech-enabled, Hybrid Interface), for providing access to relevant financial and non-financial products curated for the BoP segment.
ReMiDE (Reimagining Microlending in Digital Environment) was rolled out as the first module under SARTHI, spearheaded by Sub-K Pay as the customer facing digital collections app. Thanks to the organization-wide change management efforts, turbocharged by UPI, the digital collections grew consistently, giving us impetus to transform Sub-K Pay with features such as digital loan sourcing, remote credit appraisals, machine learning risk assessment and virtual customer engagements. Conversational gen-AI enabled customer engagement solutions, social security schemes, and business enabler tools are now being added to elevate customer experience of the segment that we serve.
- Talk about your work culture and the team. How do you maintain a friendly work culture in your organization?
Culture at Sub-K is at the core of everything we do. There is an effective collaboration between various internal teams to promote the message of an inclusive and open culture. We conduct regular meetings and town halls to be in regular touch with the employees. The key changes are informed to the employee in advance. We conduct employee surveys and take feedback to ensure a friendly work environment where everyone feels comfortable and valued.
The Reward and Recognition Initiatives also plays a crucial role in recognizing talent and giving them the deserved credit. This has been promoting collaboration between the teams and fosters healthy competition.
- What is the mission, vision and values of the company?
Our Vision is to be a world class institution catalyzing equitable and sustainable growth. And Sub-K’s Mission is to together transform lives by enabling financial inclusion through innovation and excellence.
- What achievements and milestones are you most proud of today?
We have launched many industries first initiatives like collection through our own customer facing application, video-based meetings, machine learning tools and more. This has not only provided convenience for the customers but also provided us with access to connect with the customers and understand their needs better. The approach of connecting with the customers in our industry is quite unique and is going to play an important strategic role in the times to come. Also, we are bestowed with several prestigious recognitions like Digital Responsibility Award for Gender Inclusion, Best Digital Disruptor in Financial Inclusion, Our CEO Sasi received the accolade of FinTech Leader of the Year, and the list goes on. All of which we cherish as a team.
- Share about the key executives of the company.
Sasidhar N Thumuluri, Managing Director & CEO: Sasi has more than two decades of experience in financial inclusion and capital markets in 20+ countries. Prior to Sub-K, Sasi has worked for IFC, Habitat for Humanity, Microvest Capital Management and BASIX group, managing several projects and strategic initiatives across the world. He graduated from Indian Institute of Forest Management and Princeton University. A true visionary and dynamic leader indeed.
Jitender Kalwani, Executive Director & CFO: I am blessed with over 25 years of experience in the field of Finance, Accounts, Compliance, Data Management, Budgeting, Tax & regulatory matters, Processes & controls. Previously I worked in the logistics and software industry. I am qualified Company Secretary, Chartered Financial Analyst and master’s in business administration & commerce.
Srinivas Valluri, Chief Technology Officer: Srinivas has 20+ years of experience including as a CTO for 2 start-ups Previously he worked Wal-Mart, Ford Motor Company, and Credit Suisse. He holds a B. Tech and MBA from Andhra University. He heads the Technology wing of Sub-K.
Prashant Kumar, Chief Strategy Officer: Prashant has 15+ years of cross-border experience in 9+ countries across diverse industries like BFSI, Real Estate, Healthcare, Pharma, Hospitality, F&B, Oil & Gas. Previously he worked with International Consulting firms, Vaya FinServ and BFIL. He holds an MBA from IRMA and currently heads the Strategic Initiatives and SPM at Sub-K
Pavan Kumar R, Chief Risk Officer: With over 25 years of experience, Pavan is one of the most seasoned financial inclusion practitioners in India. He has worked in Operations, HR and Marketing in BASIX. He holds M.Sc. (Ag) and various certifications.
- Kindly share a piece of advice you would like to provide to aspiring entrepreneurs in the same domain.
In the ever-evolving business landscape, adaptability is key. The market, technology, and customer preferences are constantly changing. Be open to learning new skills, pivoting your business model if necessary, and staying updated with industry trends. This mindset will help you stay competitive and innovative, allowing you to seize new opportunities and navigate challenges effectively.
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